It's time for New York Islanders general manager Lou Lamoriello to go all in and make a splash this summer like the Florida Panthers did with Matthew Tkachuk and piggyback off the Bo Horvat acquisition.

With a lot of time to work with this offseason, the New York Islanders have a lot to work on -- and one team they can take a lot away from is the Florida Panthers

Last summer, the Panthers shocked the hockey world when they acquired 25-year-old budding superstar Matthew Tkachuk from the Calgary Flames in exchange for superstar Jonathan Huberdeau and a few other pieces. 

Tkachuk was a player the New York Islanders and many teams would have liked to add, given his playoff-style grit and elite offensive skills. 

The Panthers needed that grit after a few failed postseason runs, and their general manager Bill Zito did what he had to do to bring him in. 

READ MORE: Panthers Acquire Tkachuk From Flames in Blockbuster Trade, Sign Him to Eight-Year Extension

Now the Panther sit two wins away from advancing to the Stanley Cup Finals thanks to Tkachuk, who has scored seven goals, three overtime winners, with 11 assists.

The Islanders have been watching the playoffs from home for over a month after being eliminated in six games by the Carolina Hurricanes in the first round, a series in which their offense struggled. 

Although Islanders general manager Lou Lamoriello was not aggressive last summer in free agency, he showed a willingness to bolster his club during the season, making his own version of the Matthew Tkachuk trade when he shipped forward Anthony Beauvillier, top prospect Aatu Räty, and a 2023 conditional first-round pick to the Vancouver Canucks for their captain Bo Horvat, who eventually signed an eight-year extension worth $8.5 million annually.

He then sent a 2024 third-round pick to the Toronto Maple Leafs in exchange for speedy forward Pierre Engvall, who is a pending unrestricted free agent. 

The Horvat acquisition aimed to unlock Mat Barzal's full potential. After early success, Barzal missed the final 22 games of the regular season with a lower-body injury. Horvat struggled to produce independently as the Islanders barely got into the playoffs.

Barzal returned for the playoffs, but Horvat's struggles continued, and very few players rose to the occasion as the Islanders lost a winnable series.

While Horvat struggled to score goals, he's under contract for another eight seasons, and the Islanders will need him to be a force.

As mentioned, offense was an issue for New York in the playoffs, something that was an issue back in 2020 and 2021, but that doesn't mean the position of need now has to be a forward.

Yes, the Islanders could use another top-six forward, but if the Islanders want to be vying for a Stanley Cup in 2023-24, it starts with Lamoriello making an offseason to acquire a top-flight puck-moving defenseman to help what was a brutal power play as well as provide offense at five-on-five. 

The inability to transition throughout the season made it rather difficult for consistent offense, and  23-year-old Noah Dobson struggled mightily as the quarterback on the top power play -- which finished 29th in the NHL at 15.5 percent.

Lamoriello can kill two birds with one stone if he can create enough cap space to win a bidding war or have the space to make a move, via trade. 

A little over a year ago, Lamoriello did improve his backend when he acquired Alexander Romanov from the Montreal Canadiens for the 13th overall pick. 

But that inability to transition proved incredibly large and is a glaring weakness. 

The Islanders are entering the 2023 NHL offseason with no first-round picks and just around $5.2 million in cap space.

Creating cap space has to be the first order of business, which likely includes letting defenseman Scott Mayfield walk, depending on his asking price. 

Since arriving on Long Island in 2018, Lamoriello has more often than not had gone for the slight upgrade rather than the home run move, more or less out of necessity due to cap restrictions. 

After the 2021 run, which ended in seven games -- a 1-0 loss -- Islanders general manager Lou Lamoreillo elected to leave scorer Jordan Eberle unprotected in the Seattle Kraken Expansion Draft, protecting other skilled forwards and some gritty identity players.

One player left unprotected was pending unrestricted free agent Kyle Palmieri, who Lamoriello had acquired before the 2021 NHL Trade Deadline, a player who would serve as Eberle's replacement.

That offseason, the Islanders did re-sign Palmieri, along with Anthony Beauvillier (now with Vancouver), and netminder Ilya Sorokin, while also moving puck-moving defensemen Nick Leddy (Detroit). 

Leddy's replacement was 44-year-old legend Zdeno Chara, while the Islanders hoped Noah Dobson could be Toews 2.0.

The Islanders haven't replenished the role that Leddy and Toews have left behind, despite Dobson's offensive upside.

The Islanders have the goaltender in Sorokin. With Horvat, they have the one-two punch with him and Barzal, and do, in fact, have the depth to compete. 

Now it's time for Lamoriello to go out and get that top-notch offensive defenseman.  

Yes, they also need another top-six forward, but the offensive defenseman solves two birds with one stone.

Noah Dobson did not get it done this season as the top power-play quarterback, and despite still being a youngster at 23 years old, the Islanders' third-worst power-play was the main reason why they are no longer playing in the postseason.

However, for a key signing to occur, Lamoriello needs to create the cap space he didn't last offseason to give himself a chance at making a run at whoever draws his interest.

One would think that Dmitry Orlov (UFA), Vladislav Gavrikov (UFA), and Damon Severson will be UFAs the Islanders show interest in. 

But, if Lamoriello can't outbid in free agency, he can make the splash via trade for a player like Winnipeg Jets defenseman Joshua Morrissey.  

Either way, Lamoriello needs to make his second big splash of the calendar year to give the Islanders more of a chance to truly battle for a Stanley Cup.